Cupid has reported that its December quarter net profit increased three times to ₹33 crore (₹11 crore) driven by strong execution, healthy demand and sustained momentum across its businesses.

Income more than doubled to ₹104 crore (₹51 crore) in the quarter under review. EBITDA was more than doubled to ₹34 crore.

The company has also announced that its Board has approved a proposal for the issuance of bonus equity shares in the ratio of 4:1.

Shareholders will receive four fully paid-up equity shares for every one equity share held by them as on the record date, which will be announced in due course.

The bonus issue follows a comprehensive evaluation of Cupid’s capital structure, growth trajectory and shareholder base composition, it said.

The bonus issue is expected to improve stock affordability by proportionately reducing the per-share price, thereby making Cupid’s equity more accessible to retail investors, it said.

This enhanced accessibility is anticipated to broaden the company’s investor base and encourage greater retail participation in the company’s equity.

Additionally, the increased number of shares in circulation is expected to improve trading liquidity, providing existing shareholders with greater flexibility in portfolio management.

Aditya Kumar Halwasiya, Chairman and Managing Director said the December quarter performance was the strongest in Cupid’s history, driven by disciplined execution and strong momentum across businesses.

The order book is at an all-time high, providing clear revenue visibility and confidence in sustained performance ahead, he added.

The company continues to strengthen its overseas presence, including in the GCC region, while capacity expansion at the Palava manufacturing facility is progressing as planned in line with the growth roadmap, he said.

To accelerate FMCG growth, the company plans to enter the UAE and Saudi market soon.

“We are confident of exceeding FY26 revenue guidance of ₹335 crore, with net profit expected to exceed ₹100 crore,” he said

The Board evaluated the bonus issue thoughtfully, keeping long-term value creation at the center, said Halwasiya.

Published on January 29, 2026

Result at a Glance_January 28, 2026

Maruti Suzuki India Ltd. (C)

Net Revenue at Rs. 49904.1 cr. Vs. Rs. 38764.3 cr. YoY, Rs. 42344.2 cr. QoQ.

EBITDA at Rs. 5573.1 cr. Vs. Rs. 5076.5 cr. YoY, Rs. 5086.0 cr. QoQ.

EBITDA Margin at 11.2% Vs. 13.1% YoY, 12.0% QoQ

Net Profit at Rs. 3879.1 cr. Vs. Rs. 3726.9 cr. YoY, Rs. 3349.0 cr. QoQ.

Bharat Electronics Ltd. (C)

Net Revenue at Rs. 7153.9 cr. Vs. Rs. 5770.7 cr. YoY, Rs. 5792.1 cr. QoQ.

EBITDA at Rs. 2127.2 cr. Vs. Rs. 1669.5 cr. YoY, Rs. 1702.2 cr. QoQ.

EBITDA Margin at 29.7% Vs. 28.9% YoY, 29.4% QoQ

Net Profit at Rs. 1579.7 cr. Vs. Rs. 1311.6 cr. YoY, Rs. 1287.2 cr. QoQ.

TVS Motor Company Ltd. (C)

Net Revenue at Rs. 14755.5 cr. Vs. Rs. 11034.9 cr. YoY, Rs. 14051.2 cr. QoQ.

EBITDA at Rs. 2270.2 cr. Vs. Rs. 1654.2 cr. YoY, Rs. 2122.4 cr. QoQ.

EBITDA Margin at 15.4% Vs. 15.0% YoY, 15.1% QoQ

Net Profit at Rs. 891.3 cr. Vs. Rs. 604.9 cr. YoY, Rs. 832.8 cr. QoQ.

The Fertilisers And Chemicals Travancore Ltd. (C)

Net Revenue at Rs. 1567.8 cr. Vs. Rs. 949.4 cr. YoY, Rs. 1629.3 cr. QoQ.

EBITDA at Rs. -42.9 cr. Vs. Rs. 31.5 cr. YoY, Rs. 39.5 cr. QoQ.

EBITDA Margin at -2.7% Vs. 3.3% YoY, 2.4% QoQ

Net Profit at Rs. -67.9 cr. Vs. Rs. 8.0 cr. YoY, Rs. 20.9 cr. QoQ.

Mahindra & Mahindra Financial Services Ltd. (C)

NII at Rs. 3213.8 cr. Vs. Rs. 2621.9 cr. YoY, Rs. 2828.5 cr. QoQ.

Net Profit at Rs. 825.6 cr. Vs. Rs. 917.6 cr. YoY, Rs. 566.1 cr. QoQ.

ACC Ltd. (C)

Net Revenue at Rs. 6483.0 cr. Vs. Rs. 5971.8 cr. YoY, Rs. 5931.7 cr. QoQ.

EBITDA at Rs. 700.0 cr. Vs. Rs. 1115.7 cr. YoY, Rs. 845.7 cr. QoQ.

EBITDA Margin at 10.8% Vs. 18.7% YoY, 14.3% QoQ

Net Profit at Rs. 404.3 cr. Vs. Rs. 1091.8 cr. YoY, Rs. 1119.3 cr. QoQ.

TVS Holdings Ltd. (C)

Net Revenue at Rs. 15275.6 cr. Vs. Rs. 11359.2 cr. YoY, Rs. 14549.2 cr. QoQ.

EBITDA at Rs. 2463.7 cr. Vs. Rs. 1837.0 cr. YoY, Rs. 2273.1 cr. QoQ.

EBITDA Margin at 16.1% Vs. 16.2% YoY, 15.6% QoQ

Net Profit at Rs. 969.4 cr. Vs. Rs. 681.0 cr. YoY, Rs. 880.1 cr. QoQ.

Gland Pharma Ltd. (C)

Net Revenue at Rs. 1695.4 cr. Vs. Rs. 1384.1 cr. YoY, Rs. 1486.9 cr. QoQ.

EBITDA at Rs. 434.9 cr. Vs. Rs. 360.0 cr. YoY, Rs. 313.9 cr. QoQ.

EBITDA Margin at 25.7% Vs. 26.0% YoY, 21.1% QoQ

Net Profit at Rs. 261.5 cr. Vs. Rs. 204.7 cr. YoY, Rs. 183.7 cr. QoQ.

Garden Reach Shipbuilders & Engineers Ltd. (S)

Net Revenue at Rs. 1895.7 cr. Vs. Rs. 1271.0 cr. YoY, Rs. 1677.4 cr. QoQ.

EBITDA at Rs. 171.9 cr. Vs. Rs. 75.6 cr. YoY, Rs. 156.2 cr. QoQ.

EBITDA Margin at 9.1% Vs. 5.9% YoY, 9.3% QoQ

Net Profit at Rs. 170.8 cr. Vs. Rs. 98.2 cr. YoY, Rs. 153.8 cr. QoQ.

Pine Labs Ltd. (C)

Net Revenue at Rs. 744.3 cr. Vs. Rs. 601.6 cr. YoY, Rs. 649.9 cr. QoQ.

EBITDA at Rs. 132.0 cr. Vs. Rs. 76.9 cr. YoY, Rs. 75.4 cr. QoQ.

EBITDA Margin at 17.7% Vs. 12.8% YoY, 11.6% QoQ

Net Profit at Rs. 42.4 cr. Vs. Rs. -56.7 cr. YoY, Rs. 6.0 cr. QoQ.

Craftsman Automation Ltd. (C)

Net Revenue at Rs. 2057.3 cr. Vs. Rs. 1576.1 cr. YoY, Rs. 2001.6 cr. QoQ.

EBITDA at Rs. 312.2 cr. Vs. Rs. 199.0 cr. YoY, Rs. 301.9 cr. QoQ.

EBITDA Margin at 15.2% Vs. 12.6% YoY, 15.1% QoQ

Net Profit at Rs. 107.1 cr. Vs. Rs. 12.9 cr. YoY, Rs. 90.9 cr. QoQ.

Aditya Birla Real Estate Ltd. (C)

Net Revenue at Rs. 81.2 cr. Vs. Rs. 204.4 cr. YoY, Rs. 97.8 cr. QoQ.

EBITDA at Rs. -89.1 cr. Vs. Rs. -18.0 cr. YoY, Rs. -70.1 cr. QoQ.

EBITDA Margin at -109.7% Vs. -8.8% YoY, -71.6% QoQ

Net Profit at Rs. -107.4 cr. Vs. Rs. -30.2 cr. YoY, Rs. -73.1 cr. QoQ.

V-Guard Industries Ltd. (C)

Net Revenue at Rs. 1403.5 cr. Vs. Rs. 1268.7 cr. YoY, Rs. 1340.9 cr. QoQ.

EBITDA at Rs. 123.2 cr. Vs. Rs. 104.1 cr. YoY, Rs. 109.3 cr. QoQ.

EBITDA Margin at 8.8% Vs. 8.2% YoY, 8.1% QoQ

Net Profit at Rs. 57.1 cr. Vs. Rs. 60.2 cr. YoY, Rs. 65.3 cr. QoQ.

Hindustan Zinc Limited, one of the world’s largest integrated zinc producers and amongst the top five silver producers globally, has launched ‘Zinc Moolya’, an Indian rupee (INR) live pricing module on its flagship metal e-commerce platform, Vedanta Metal Bazaar (VMB).

Designed to democratise access to metal pricing, ‘Zinc Moolya’ enables businesses across India, particularly MSMEs and small-volume buyers, to view, book and lock transparent, real-time metal prices in the INR aligned with global benchmarks, said a company statement.

Launched in 2022, Vedanta Metal Bazaar (VMB) is India’s first online metal marketplace for metal procurement. It offers a seamless digital experience, allowing buyers to access live prices, place orders and manage end-to-end transactions with transparency. Trusted by thousands of businesses nationwide, VMB has emerged as a transformative force in reshaping how metals are sourced across India, the company said.

LME-linked

‘Zinc Moolya’ marks a significant enhancement to the platform’s capabilities. It provides live landed prices in INR, dynamically linked to the London Metal Exchange (LME), ensuring accurate and up-to-date price discovery. 

“In a market where volatility in the INR–USD exchange rate often makes it challenging for small and mid-sized businesses to accurately fix their raw material costs, Zinc Moolya addresses a critical issue by enabling pricing certainty directly in Indian rupees,” the statement said. 

This will help MSMEs and emerging enterprises to participate more actively in the metals market, enabling faster decision-making, improved competitiveness and stronger integration into domestic and global value chains.

Arun Misra, CEO of Hindustan Zinc, said, “With the introduction of Zinc Moolya on Vedanta Metal Bazaar, we are fundamentally reshaping how metals are bought in India by removing entry barriers that have traditionally favoured scale… At Hindustan Zinc, we see digital innovation as a nation-building tool…one that strengthens trust, improves competitiveness, and enables India’s manufacturing ecosystem to grow with confidence and resilience.”

The initiative aligns with the national vision of Atmanirbhar Bharat, strengthening India’s industrial backbone while reducing information asymmetry and enhancing trust in commodity procurement, it said.

Hindustan Zinc’s portfolio, serving 40 countries, includes London Metal Exchange (LME) registered products such as Special High-Grade Zinc, High-Grade Zinc, EcoZen – low-carbon ‘green’ zinc, Prime Western Zinc, Continuous Galvanizing Grade Zinc, High-Grade Jumbo Zinc, and die-casting alloys (Alloy 3 and Alloy 5), along with Special High-Grade Lead. 

Published on January 29, 2026

ICICI Banks’ NIM stood at 4.30 per cent in Q3, flat sequentially. Federal Bank’s NIM improved 12 bps sequentially to 3.18 per cent in Q3. 
| Photo Credit:
FRANCIS MASCARENHAS

Banks are likely to see their net interest margin (NIM) remain range-bound sequentially, with possible downward bias, as the Reserve Bank of India’s (RBI) 25 basis points (bps) repo rate cut transmission in December occurs on the lending side, especially on loans which are linked to marginal cost of funds based lending rate (MCLR) benchmark which re-prices after a lag.

Sandeep Batra- ED, ICICI Bank, said he expects NIMs to remain ‘more or less range-bound’ going ahead, reflecting the repricing of the external benchmarks on loans and investments. And of course, competition intensity.

“This would get offset by retail term deposit repricing, and we will continue to watch the market conditions, and if there are any further changes in monetary policy, that will impact the NIM trajectory. From our perspective, we are focused on maximising all levers of profits, and where NIM is certainly one of the important levers,” he said. ICICI Banks’ NIM stood at 4.30 per cent in Q3, flat sequentially.

KVS Manian, MD, CEO, Federal Bank, said as the bank is changing the mix of its liability profile, increasing low-cost current account and savings account (CASA) share in overall deposits, and growing medium yield assets faster than the low yielding ones.

“I think we hope to continue this journey for many more quarters to go. Of course, there will be an immediate quarter, you will see the impact of the last rate cut play out. So, we have to keep that in mind in the next quarter (Q4). A large part of the last rate cut will play out in the next quarter. Of course, we have to try and mitigate that as we have tried in the last few quarters. We will attempt to do our best. But I don’t think that journey is anywhere close to the peak of what we want to get,” he said. Federal Bank’s NIM improved 12 bps sequentially to 3.18 per cent in Q3.

“NIMs will remain range-bound in this quarter because banks have let go-off the low yield assets, and are aiming for higher yielding assets to protect interest yields. Banks are also not raising high cost bulk deposit significantly, to protect margins. We expect these trends to continue over the next 1-2 quarters,” said Sanjay Agarwal, Senior Director, CareEdge Rating.

However, on a longer term basis, the downward pressure on lending yields and resistance in deposit yields is likely to ensure that NIMs would remain capped, he added.

Published on January 29, 2026